Saudi Automotive Services Co. (SASCO) announces the latest updates of the Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings

Saudi Automotive Services Co. (SASCO) announces the latest updates of the Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings

Element List

Explanation

Introduction

SASCO refers to its announcement at Tadawul website on March 28, 2024 regarding the Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings. The company would like to announce the cancellation of the previous Board of Directors’ recommendation to transfer the entire balance of the statutory reserve (83.1 Million SAR) to the retained earnings item and use the entire amount of the statutory reserve to increase capital. Note that there is no impact on the financial statements.

Previous Announcement

The Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings

Date of Previous Announcement on Saudi Exchange’s Website

2024-03-28 Corresponding to 1445-09-18

Hyperlink to the Previous Announcement on the Saudi Exchange Website

Click Here

Latest Developments Of The Announced Event

Cancellation of the previous Board of Directors’ recommendation to transfer the entire balance of the statutory reserve (83.1 Million SAR) to the retained earnings item and use the entire amount of the statutory reserve to increase capital.

Reasons For The Delay on The Date of The